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Key benchmarks turn range bound

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Key benchmark indices were range bound at higher levels in early afternoon trade. At 12:22 IST, the barometer index, the S&P Sensex, was up 115.37 points or 0.35% at 32,948.31. The 50 index was up 32.45 points or 0.32% at 10,154.25. The was trading a tad below 33,000 mark after crossing that level in opening trade.

Among secondary barometers, the Mid-Cap index was down 0.04%. The Small-Cap index was up 0.02%. Both these indices underperformed the

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,262 shares fell and 1,236 shares rose. A total of 144 shares were unchanged.

Most power generation stocks were trading lower. Torrent Power (down 1.27%), CESC (down 1.03%), GMR Infrastructure (down 0.85%), Reliance Power (down 0.8%), Jaiprakash Power Ventures (down 0.58%), Adani Power (down 0.15%) and NTPC (down 0.11%), edged lower. JSW Energy (up 0.48%), Tata Power (up 0.72%), Reliance Infrastructure (up 0.79%) and NHPC (up 0.89%), edged higher.

State-run Power Grid Corporation of India was down 0.37%. State-run Coal India was down 1.4%.

Realty shares were mixed. Prestige Estates Projects (down 4.38%), Housing Development and Infrastructure (HDIL) (down 1.34%), Anant Raj (down 1.21%), Omaxe (down 1.05%), Indiabulls Real Estate (down 0.52%), Oberoi Realty (down 0.4%), Unitech (down 0.33%), Parsvnath Developers (down 0.16%) and Peninsula Land (down 0.14%), edged lower. D B Realty (up 0.14%), Godrej Properties (up 0.26%), DLF (up 0.44%), Sunteck Realty (up 0.47%), Mahindra Lifespace Developers (up 1.01%), Sobha (up 2.02%) and Phoenix Mills (up 4.23%), edged higher.

Steel Strips Wheels surged 7.10% after the company said its total wheel rim sales grew by 8% to 12.92 lakh units in November 2017 over November 2016. The announcement was made during market hours today, 4 December 2017.

In terms of value, Steel Strips Wheels' (SSWL) net turnover rose 20% to Rs 138.85 crore in November 2017 over November 2016, driven by record growth in truck segment and the company expects this trend to continue going ahead.

Transformers and Rectifiers (India) (TRIL) gained 3.82% after the company announced that it has received order for 15 units of transformers amounting to Rs 127 crore from Power Grid Corporation of India. TRIL said that with this order, its order book as on date stands at around Rs 937 crore. The announcement was made after market hours on Friday, 1 December 2017.

Overseas, Asian stocks were mixed as investors were trading cautiously after US stocks declined on Friday, 1 December 2017. US stocks ended lower on Friday, 1 December 2017, after news surrounding former national-security adviser Michael Flynn added an element of political uncertainty into markets. The Dow Jones Industrial Average and the S&P 500 fell 0.2% each while the Nasdaq Composite Index declined 0.4%.

Media reported that Flynn, the former national security adviser, would testify that he was directed to make contact with Russians during the presidential campaign in 2016. Flynn pleaded guilty to lying to the FBI about his post-election contacts with Russia's ambassador to the US.

Meanwhile, the US Senate approved a tax overhaul on Saturday, 2 December 2017, moving Republicans and President Donald Trump a big step closer to their goal of slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 12:19 IST